UNIVERSAL Building Society has reached record levels of new business in mortgages and investments.

The society, which has branches across the region, saw assets grow by eight per cent to £467m in the past year, while profits rose 35 per cent.

Universal Direct, the telephone banking arm of the society, was the star performer, thanks to a range of competitive products.

Chief executive Kevin Robinson said: "One of our key corporate objectives was to achieve a level of profit to allow us to price our products competitively within the market place.

"This has been achieved with the help of improved efficiency levels and innovative cost control.

"Although attractively priced products are important to our members, it is our aim to provide a service that goes beyond this.

"As our customers' expectations rise and change, we must not only get better at what we do already, but also look to revitalise ourselves with the products and services we provide.

"With such encouraging results and the support of a dynamic and innovative management team, I believe Universal is in great shape to meet the challenges 2003 will bring."